Alliance Select swings to profit despite headwinds
ALLIANCE Select Foods International, Inc. swung to profitability in the third quarter of 2017, despite still encountering headwinds in the prices of raw materials.
In a regulatory filing, Alliance Select said it generated a net income attributable to the parent of $91,207, against a net loss of $1.02 million in the third quarter of 2016. Revenues picked up 29% to $18.42 million.
This brought the company’s ninemonth revenues to $53.16 million, 16% higher year on year. Attributable profit accordingly rose to $383,360, against a net loss attributable to the parent of $2.28 million.
Bulk of the company’s revenues come from tuna and related products at 61%, while the remaining 39% come from the salmon segment. Alliance Select said it has seen increased market penetration through improved operational efficiencies as well as introduction of new products.
“While raw material prices remain volatile, we continue to rationalize operations while developing new business opportunities. Alliance Select’s significant progress in the third quarter is an indication to management to increase our efforts and momentum even further,” Alliance Select President and Chief Executive Officer Raymond KH See said in a statement. —